Merit Trust: Rating Report

DBRS Limited (DBRS Morningstar) confirmed its rating of R-1 (high) (sf) on the Senior Short-Term Asset-Backed Notes (the Notes) issued by Merit Trust (the Trust) as part of its annual review of publicly rated asset-backed commercial paper conduits. The confirmation is part of DBRS Morningstar’s continued effort to provide timely credit rating opinions and increased transparency to market participants.